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GM Second Quarter Net Income Up $2.9 Billion

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Things are going pretty good for General Motors. Mary Barra probably feels like a million bucks right now—or, to be more accurate, 2.9 billion bucks.

That’s because today the American automaker announced an impressive second-quarter net income to common stockholders of $2.9 billion, which represents a whopping 157% increase over paltry $1.1 billion that the company raked in during the second quarter of 2015.

For investors, that meant the earnings per share (EPS) diluted stood at $1.81, another noticeable improvement over the $0.67 in the second quarter of last year.

EPS diluted-adjusted was $1.86, a new record and a 44% bump over the $1.29 EPS diluted-adjusted in the second quarter of 2015.

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The company set even more records with its earnings before interest and tax (EBIT) adjusted of $3.9 billion, as well as its EBIT-adjusted margin of 9.3%. By comparison, in the second quarter of 2015, GM had an EBIT-adjusted of $2.9 billion and EBIT-adjusted margin of 7.5%, which took into account the impact of $0.3 billion restructuring costs.

“This was an outstanding quarter for GM,” said CEO Mary Barra. “Our results were generated by strong retail sales in the US, record sales in China and a continued emphasis on improving the performance of our operations worldwide. We’ll continue to focus on driving profitable growth and leveraging our technical expertise to lead in the future of personal mobility.”

General Motors’ $42.4 billion net revenue was another company record, improving on the second quarter of 2015’s net revenue of $38.2 billion. According to GM, holding exchange rates constant, net revenue was a full $5.0 billion higher this quarter.

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